An Emir from Qatar is reportedly the lucky new owner of their own private island in Greece after a wealthy Greek Australian family from Melbourne sold their island paradise, in the Ionian Sea, for just under a cool 7 million Euros.

According to Greek media reports, the island of Oxia (or Nafsika) has been in foreign real estate agents websites’ on the islands, and its sale price was quoted at 6,900,000 Euros.

The agreement and transfer procedures apparently lasted more than nine months because of various difficulties, but reports say that the island was signed over to its new owner just a few days ago.

The island has a total area of ??5,500 acres. The hilly island is said to feature pure marble of excellent quality.